Key facts
What the official sources publish
Every value below belongs to this exact product. Select a source marker to check its context.
Deposit purposeReceives motor-accident compensation awarded by a Tribunal or Court and repays it as monthly annuity instalments containing principal and interest
Source 1Eligible holdersIndividuals, including minors through a guardian, in a single name
Source 2Deposit amountPrincipal is calculated to provide at least ₹1,000 monthly annuity for the directed period; no published maximum
Source 3MACAD period36 to 216 months as directed by the Tribunal or Court; a period under 36 months is opened as a normal term deposit
Source 4Current public-rate basis6.30% p.a. for 36 months to under 5 years; 6.05% from 5 years onward, with the 120-month rate applied beyond 120 monthsEffective 15 Dec 2025
Source 5Monthly annuity scheduleStarts on the anniversary date in the month after deposit; if the corresponding 29th, 30th or 31st does not exist, payment is on the first day of the next month
Source 6Required payment accountAnnuity, premature-closure and part-lump-sum payments are made only through the linked MACT Claims Savings Bank Account
Source 7Account evidenceA MACAD passbook is issued and no deposit receipt is issued; a normal term deposit under 36 months receives deposit advice
Source 8Loan or advanceNot allowed against MACAD
Source 9NominationAvailable and must be completed as directed by the Tribunal or Court
Source 10Account transferNot allowed without permission from the Tribunal or Court
Source 11Premature closure or part lump sumRequires Tribunal or Court permission; no premature-closure penalty is charged
Source 12Early-payment interest adjustmentThe elapsed-period rate applies and excess interest is recovered from outstanding principal; payment is refused if principal is insufficient
Source 13Balance after part lump-sum paymentAfter excess-interest recovery, the residual balance is reissued for the remaining tenure at the then-current rate; if under 36 months, it becomes a normal term deposit
Source 14Claimant deathPayment goes to the nominee, who may continue the annuity or request pre-closure
Source 15Tax deduction at sourceMonthly annuity is credited net of TDS under Income Tax rules; eligible depositors may submit Form 15G or 15H for exemption under applicable rules
Source 16Benefits and features
- Court-directed monthly return of motor-accident compensation
- Principal-plus-interest annuity for periods up to 216 months
- No published maximum compensation deposit
- No premature-closure penalty when judicial permission is obtained
- Nominee may continue or close the annuity after claimant death
Eligibility
- MACAD is available only for individual motor-accident claimants, including minors through a guardian, in a single name.
- The Tribunal or Court controls the tenure, nomination, transfer and any premature or part-lump-sum payment.
- A linked MACT Claims Savings Bank Account is required for all annuity and permitted early payments.
- No loan or advance is allowed against MACAD.
- Although no premature penalty applies, excess interest already paid is recovered and may prevent an early or part payment if the balance is insufficient.
- The embedded home-loan promotional widget is unrelated; deposit rates shown here use the reviewed retail term-deposit table.
Passing a listed condition does not mean the bank will approve an application.
Documents the bank lists
- Tribunal or Court award and directions
- KYC and claimant or guardian documents applicable under SBI's current rules
- Linked MACT Claims Savings Bank Account details
- Tribunal or Court permission for account transfer, premature closure or part lump-sum payment where applicable